Buyer warning: don’t be lured into a false sense of security…the frenzy is coming.

The weekend saw an estimated 910 residential properties auctioned in Melbourne, 71% or 646 of which sold.

There was almost double the amount of houses auctioned, when compared with units, with comparable clearance rates achieved for both property types.

While this is a strong result overall for such a high number of auctions, the market was patchy and results were a mix of strong prices and some surprising instances of properties passing in.

The high number of auctions held at the weekend and in the coming week is thought to be the main driver of this inconsistency. These high volumes give buyers a sense of choice and reduced pressure to secure a property.

While the auction clearance rate remained above 70%, this change in buyer attitude is said to be responsible for the dip in the largely consistent clearance rates of recent months.

However, what many would-be buyers are failing to realise is that there are only seven to eight auction weekends remaining this year – once this reality dawns the market is expected to spin into frenzy as buyer anxiety applies new pressure.